{"id":1785,"date":"2022-06-26T13:37:25","date_gmt":"2022-06-26T20:37:25","guid":{"rendered":"https:\/\/derendingerins.com\/medicarehealthplans\/?p=1785"},"modified":"2022-10-13T21:16:02","modified_gmt":"2022-10-14T04:16:02","slug":"more-about-irmaa","status":"publish","type":"post","link":"https:\/\/derendingerins.com\/medicarehealthplans\/2022\/06\/26\/more-about-irmaa\/","title":{"rendered":"More About IRMAA"},"content":{"rendered":"

More About IRMAA: \u00a0For audiences age 61 to 64<\/h2>\n

In the last 12 months, I received too many callers, \u201csurprised (or shocked) by IRMAA<\/strong><\/a>,\u201d which inspired a previous, introductory (Part 1)<\/a> article on the topic.\u00a0 Today\u2019s article, “More About IRMAA,” is Part 2, and goes into greater detail, providing resources for further research.\u00a0 We hope it is helpful.<\/p>\n

Short Background<\/h2>\n

Whereas Medicare Part A is free for most people, Part B is not. \u00a0Part B enrollees pay a monthly premium representing about 25% of the Part B estimated program costs. \u00a0For 2022, \u00a0this so-called, \u201cStandard\u201d premium is $170.10 per month. \u00a0The government subsidizes the rest, but\u2026<\/p>\n

The Cost is Greater Than You Think<\/h2>\n

Your cost to participate in Medicare Part B and Part D is higher if your income exceeds certain thresholds. For 2022, the first IRMAA threshold is triggered when a person files as Single and has income over $91,000 ($182,000 for Married, filing Jointly).<\/p>\n

“Your cost to participate in Medicare Part B and Part D is higher if your income exceeds certain thresholds”<\/p><\/blockquote>\n

More About IRMAA<\/h2>\n

IRMAA<\/em> is the Acronym for Income-Related Monthly Adjustment Amount<\/em>; there are two versions associated with Medicare:<\/p>\n

    \n
  1. IRMAA-B for Medicare Part B<\/li>\n
  2. IRMAA-D for Medicare Part D<\/li>\n<\/ol>\n

    How bad can this get?\u00a0 In 2022, the max out (worst case) IRMAA is $578.30 monthly for Part B, and $77.90 for the Part D IRMAA.\u00a0 Consider that this cost \u201cdoubles\u201d when a couple enrolls in Medicare A and B, meaning the annual IRMAA cost could be as high as $15,748.\u00a0 For the planners<\/em> in my audience, the monthly budget breaks down like this:<\/p>\n

    Monthly Costs for Spouse 1:<\/h3>\n